Toro (TTC) financial statements
Toro reported revenue of $4.5B in fiscal 2025, up 7.3% a year over 9 years.
Net income was $316M and the operating margin 9.1%, against 14.0% in 2016.
Free cash flow was $578M, and the company returned $151M in dividends and $290M in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Toro's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.5B | $2.6B | $3.1B | $3.4B | $4.0B | $4.5B | $4.6B | $4.6B | $4.5B |
| Cost of revenue | $1.5B | $1.6B | $1.7B | $2.1B | $2.2B | $2.6B | $3.0B | $3.0B | $3.0B | $3.0B |
| Gross profit | $875M | $921M | $941M | $1.0B | $1.2B | $1.3B | $1.5B | $1.6B | $1.5B | $1.5B |
| Research and development | $77M | $80M | $84M | $109M | $124M | $141M | $156M | $174M | $173M | $162M |
| Selling, general and admin | $540M | $566M | $568M | $723M | $763M | $820M | $929M | $996M | $1.0B | $1.0B |
| Operating income | $334M | $355M | $373M | $325M | $426M | $518M | $576M | $431M | $533M | $410M |
| Interest expense | $19M | $19M | $19M | $29M | $33M | $29M | $36M | $59M | $62M | $59M |
| Pre-tax income | $330M | $353M | $372M | $322M | $407M | $500M | $552M | $400M | $513M | $378M |
| Income tax | $99M | $85M | $100M | $48M | $77M | $90M | $109M | $71M | $94M | $62M |
| Net income | $231M | $268M | $272M | $274M | $330M | $410M | $443M | $330M | $419M | $316M |
| EPS (diluted) | $2.06 | $2.41 | $2.50 | $2.53 | $3.03 | $3.78 | $4.20 | $3.13 | $4.01 | $3.17 |
| Diluted shares | 112M | 111M | 109M | 108M | 109M | 108M | 106M | 105M | 104M | 100M |
| Gross margin | 36.6% | 36.8% | 35.9% | 33.4% | 35.2% | 33.8% | 33.3% | 34.6% | 33.8% | 33.4% |
| Operating margin | 14.0% | 14.2% | 14.2% | 10.4% | 12.6% | 13.1% | 12.8% | 9.5% | 11.6% | 9.1% |
| Net margin | 9.7% | 10.7% | 10.4% | 8.7% | 9.8% | 10.4% | 9.8% | 7.2% | 9.1% | 7.0% |
Balance sheet
Fiscal years, from Toro's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $274M | $310M | $289M | $152M | $480M | $406M | $188M | $193M | $200M | $341M |
| Receivables | $158M | $176M | $185M | $221M | $223M | $253M | $290M | $407M | $460M | $378M |
| Inventory | $307M | $329M | $358M | $652M | $652M | $738M | $1.1B | $1.1B | $1.0B | $921M |
| Total current assets | $779M | $860M | $895M | $1.1B | $1.4B | $1.5B | $1.7B | $1.8B | $1.8B | $1.7B |
| Property, plant and equipment | $222M | $235M | $271M | $437M | $468M | $488M | $572M | $642M | $645M | $616M |
| Goodwill | $195M | $205M | $225M | $362M | $424M | $422M | $583M | $451M | $450M | $451M |
| Total assets | $1.4B | $1.5B | $1.6B | $2.3B | $2.9B | $2.9B | $3.6B | $3.6B | $3.6B | $3.4B |
| Total current liabilities | $464M | $522M | $533M | $757M | $856M | $937M | $1.1B | $949M | $976M | $912M |
| Long-term debt | $328M | $306M | $313M | $621M | $691M | $691M | $991M | $1.0B | $912M | $922M |
| Total liabilities | $835M | $877M | $902M | $1.5B | $1.7B | $1.8B | $2.2B | $2.1B | $2.0B | $2.0B |
| Shareholders' equity | $550M | $617M | $669M | $860M | $1.1B | $1.2B | $1.4B | $1.5B | $1.6B | $1.5B |
| Net debt | $77M | $22M | $23M | $549M | $311M | $286M | $803M | $838M | $722M | $580M |
Cash flow
Fiscal years, from Toro's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $384M | $361M | $365M | $337M | $539M | $556M | $297M | $307M | $570M | $662M |
| Capital spending | $51M | $58M | $90M | $93M | $78M | $104M | $144M | $150M | $104M | $84M |
| Free cash flow | $334M | $302M | $275M | $244M | $461M | $452M | $154M | $157M | $466M | $578M |
| Stock-based compensation | $11M | $14M | $12M | $13M | $15M | $22M | $22M | $19M | $23M | $19M |
| Dividends paid | $66M | $76M | $85M | $96M | $108M | $112M | $126M | $142M | $150M | $151M |
| Share buybacks (net) | -$110M | -$159M | -$160M | -$20M | $0 | -$302M | -$140M | -$60M | -$246M | -$290M |
| Net borrowing | -$1M | -$19M | -$20M | $389M | $90M | -$100M | $300M | — | — | — |
| Free cash flow margin | 13.9% | 12.1% | 10.5% | 7.8% | 13.7% | 11.4% | 3.4% | 3.5% | 10.2% | 12.8% |
| Dividends per share | $0.59 | $0.68 | $0.78 | $0.89 | $0.99 | $1.04 | $1.19 | $1.35 | $1.43 | $1.51 |
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Open TTC in InvestinglyQuestions
What was Toro's revenue in 2025?
$4.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Toro generate?
$578M in fiscal 2025 (operating cash flow minus capital spending).
From Toro's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.